Rickmers Holding not hit by Singapore bond default

The coupon payment default by Rickmers Maritime Singapore will not impact the financing of Rickmers Holding and its subsidiaries, Rickmers Holding said in Hamburg on Friday.

On November 15th 2016 Rickmers Trust Management Pte. Ltd, in its role as the Trustee Manager of Rickmers Maritime, Singapore, said that the latter would not make a coupon payments due that day.

Rickmers Holding AG said that it and its subsidiaries do not have any common financing structures with Rickmers Maritime. Neither does the coupon-payment default on the bond issued by Rickmers Maritime trigger any cross-defaults or Events of Default under the terms of the financing structures of Rickmers Holding AG or its subsidiaries, the company said. Rickmers Holding sold all its shareholdings in Rickmers Trust Management Pte Ltd on October 17th 2016.

From this time forward the equity method was used to include Rickmers Maritime in the Group’s consolidated financial statements, as a shareholding in an associated company.

From an overall group perspective the Rickmers Group merely provides an insignificant volume of maritime services for the vessels operated by Rickmers Maritime. Furthermore there also is no operational impact on the vessels owned by